Peter Lim has agreed to buy 50% of Evo-Stik Division One North club Salford City. Photograph: Stephen Morrison/EPA

The Singaporean billionaire Peter Lim is set to purchase a 50% share in the Evo-Stik Division One North club Salford City, the club has confirmed.

Lim, who withdrew a bid to buy Liverpool for £320m in 2010, has agreed a deal with the former Manchester United players and current owners of the Salford City Ryan Giggs, Gary and Phil Neville, Nicky Butt and Paul Scholes that will see him share ownership with them.

“When we set upon this journey we always knew at some point we wanted external partners involved, people who would share our vision for Salford City FC,” read a statement from the ‘Class of ‘92’.

“We have all known Peter for over 10 years, his love of sport, above all football, is well documented. He has an incredible track record in business as well as youth and community engagement, especially at grassroots level. This will be fantastic for SCFC, Peter’s experience and knowledge is invaluable and can help take SCFC to where we believe they can be, it’s exciting times for the club.”

Salford’s chairman Karen Baird added: “The formal process of the takeover of the club has begun with the FA. It’s been a great start to the season, we are very excited about the future for the club and what can be achieved.

“The most important aspect for us is that we continue to bond with our community and city and we have assurances this will happen.”

Lim, a businessman worth around £1.5b according to Forbes, is also close to agreeing a deal to take over Spanish side Valencia.

A spokesperson for Lim added: “Peter met with the lads a few months ago and they explained their plans and rationale for Salford City FC, the academy and the investment in grassroots football.

“What the lads want to accomplish resonated strongly with Peter who shares a common belief with the lads in youth development through sports. Peter has high regard for footballers’ talents and dedication to their sport.

“He is convinced that the legends’ sporting training has imbued them with values such as humility, discipline and the tenacity to succeed. He hopes that these values can be cultivated in the young footballers who will come through SCFC’s programme.

“The management of the club on a day-to-day basis, as announced back in March, will remain the same, this arrangement is important to all concerned.”